Thanks for all this. Extremely helpful! Personally I'd like to see a policy that offers larger deductibles. I use insurance to protect against the catastrophic. Plus, being American, I'm used to very high deductibles. $1000, $2000, even $3000 - I'd happily trade a high deductible for lower premiums.
On one hand, I agree with you. On the other hand, American insurance has become almost entirely catastrophic, like you said, which is just ridiculous. I think it discourages people getting care!
But yeah, anything keep premiums down, I guess. Genki does offer $1000 euro deductible on their "full" policy.
Thanks for this (and for both of your writing through the years)! My husband and I head out to Europe for the first time today, and I've been pouring over your articles and using tips. We can't wait!
It's fascinating to see how competitive the insurance market for nomads and expats has become, and your deep dive into the nuanced changes of these services really paints a comprehensive picture. The way you compare SafetyWing and Genki, not just in terms of their offerings but also their strategies and improvements, offers invaluable insights for long-term travelers making critical insurance decisions. I'm curious, with the rapid evolution in this niche insurance sector, how do you think customer expectations are shaping the services offered by these companies?
Truthfully? I'm impressed by how responsive Genki has been to consumers, but I'm less impressed by SafetyWing. It's true, they did finally offer a "full" product, but the product isn't that good -- nor have they improved their travel insurance the way I would have expected.
I think they're coasting on their reputation as the "first" product of its kind. But I think it's a mistake. They're going to lose market share.
Brent, I appreciate this material since I've been doing some research lately. A comment though. I am surprised by your statement that the market of travel insurance of practical use to most long-term travelers is limited to 2 or 3 companies. Are you perhaps focused on the offers specific American citizens? I am based in Europe and to my knowledge, every major insurer has an offer. Allianz, Alpenverein, Wiener Group, Warta/Talanx - to name just a few, but there's at least a few dozen more. Or perhaps is there a good reason to exclude those offers? I would be glad to hear your opinion
Hi Pablo! Thanks for the comment. You know, your question is a good one: I'm not sure if travel insurance IS different in Europe.
First, keep in mind that are TWO different kinds of travel insurance: "travel" and "full." As I say in the article, consumers have MANY options for "full" international health insurance.
But when it comes to specific TRAVEL insurance -- time-limited emergency insurance for travelers -- all the US companies that I know about have two limitations which rule out nomads: You must get the insurance before you leave home, and you must declare a start and a return date. You are literally NOT covered unless this is all in place before you leave. Plus, if you return to within 100 miles of "home," then the policy becomes null and void.
There are only three companies that I know of that offer travel insurance for nomads -- that is, you can buy the insurance WHILE TRAVELING. It's still term-limited, but you don't need to be "home," and you don't need a "return" date. And one of them (World Nomads) still includes that "null and void if you go home" aspect. (This doesn't work for nomads because we often return home unexpectedly.)
Are you sure that Allianz, Alpenverein, Wiener Group, Warta/Talanx are offering Europeans TRAVEL insurance (not full international health insurance). And are you sure they don't have these nomad-unfriendly exclusions?
Again, your answer is very useful. My knowledge is far shallower than yours, but to respond quick: yes I am sure what we are being offered in Europe is TRAVEL insurance in your definition, however regarding those specific conditions which you quote, I am really not sure and would need to study the contracts. I vaguely remember that my last insurance had a clause that was related: yes I could get insured while travelling, but that was bound to some limitations: the insurance validity period had delay of a few days. But again, one would need to study the contracts to find out more which I did not...
Thanks for all this. Extremely helpful! Personally I'd like to see a policy that offers larger deductibles. I use insurance to protect against the catastrophic. Plus, being American, I'm used to very high deductibles. $1000, $2000, even $3000 - I'd happily trade a high deductible for lower premiums.
On one hand, I agree with you. On the other hand, American insurance has become almost entirely catastrophic, like you said, which is just ridiculous. I think it discourages people getting care!
But yeah, anything keep premiums down, I guess. Genki does offer $1000 euro deductible on their "full" policy.
Thanks for this (and for both of your writing through the years)! My husband and I head out to Europe for the first time today, and I've been pouring over your articles and using tips. We can't wait!
You're very welcome! Glad it's helpful.
It's fascinating to see how competitive the insurance market for nomads and expats has become, and your deep dive into the nuanced changes of these services really paints a comprehensive picture. The way you compare SafetyWing and Genki, not just in terms of their offerings but also their strategies and improvements, offers invaluable insights for long-term travelers making critical insurance decisions. I'm curious, with the rapid evolution in this niche insurance sector, how do you think customer expectations are shaping the services offered by these companies?
Truthfully? I'm impressed by how responsive Genki has been to consumers, but I'm less impressed by SafetyWing. It's true, they did finally offer a "full" product, but the product isn't that good -- nor have they improved their travel insurance the way I would have expected.
I think they're coasting on their reputation as the "first" product of its kind. But I think it's a mistake. They're going to lose market share.
And thanks!
Brent, I appreciate this material since I've been doing some research lately. A comment though. I am surprised by your statement that the market of travel insurance of practical use to most long-term travelers is limited to 2 or 3 companies. Are you perhaps focused on the offers specific American citizens? I am based in Europe and to my knowledge, every major insurer has an offer. Allianz, Alpenverein, Wiener Group, Warta/Talanx - to name just a few, but there's at least a few dozen more. Or perhaps is there a good reason to exclude those offers? I would be glad to hear your opinion
Hi Pablo! Thanks for the comment. You know, your question is a good one: I'm not sure if travel insurance IS different in Europe.
First, keep in mind that are TWO different kinds of travel insurance: "travel" and "full." As I say in the article, consumers have MANY options for "full" international health insurance.
But when it comes to specific TRAVEL insurance -- time-limited emergency insurance for travelers -- all the US companies that I know about have two limitations which rule out nomads: You must get the insurance before you leave home, and you must declare a start and a return date. You are literally NOT covered unless this is all in place before you leave. Plus, if you return to within 100 miles of "home," then the policy becomes null and void.
There are only three companies that I know of that offer travel insurance for nomads -- that is, you can buy the insurance WHILE TRAVELING. It's still term-limited, but you don't need to be "home," and you don't need a "return" date. And one of them (World Nomads) still includes that "null and void if you go home" aspect. (This doesn't work for nomads because we often return home unexpectedly.)
I write about this here: https://www.brentandmichaelaregoingplaces.com/p/which-is-better-safetywing-world
Are you sure that Allianz, Alpenverein, Wiener Group, Warta/Talanx are offering Europeans TRAVEL insurance (not full international health insurance). And are you sure they don't have these nomad-unfriendly exclusions?
Again, your answer is very useful. My knowledge is far shallower than yours, but to respond quick: yes I am sure what we are being offered in Europe is TRAVEL insurance in your definition, however regarding those specific conditions which you quote, I am really not sure and would need to study the contracts. I vaguely remember that my last insurance had a clause that was related: yes I could get insured while travelling, but that was bound to some limitations: the insurance validity period had delay of a few days. But again, one would need to study the contracts to find out more which I did not...
Thank you for this information, very helpful!
You're very welcome. 🙂